AUSTRAC issued the AML CTF Act in 2006 which requires reporting entities to verify a customer's identity before providing a designated service to the customer. The AML CTF Rules sets out the minimum customer identification information, and information about beneficial owners, which reporting entities must obtain and verify. Reporting entities are also required to identify and declare whether a customer or the beneficial owner of a customer is a 'politically exposed person' (PEP).

Rules-Driven Approach Required to Comply with AUSTRAC

AUSTRAC compliance creates significant operational challenges for financial organizations tasked with efficient onboarding and client lifecycle management. Covered financial institutions must ensure they comply with the AML CTF Act or face severe financial and reputational penalties. In order to improve time to revenue and enhance the client experience, banks must adopt a rigorous rules-driven AML process capable of delivering consistent compliance throughout the client lifecycle.

We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.

Nicola Ray Smith
Managing Director, Global Capital Markets Scotiabank

Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe

Emma Rey Gállego
Head of Customer Experience-Onboarding in CIB BBVA

The global regulatory challenge is one that continues to evolve and grow. It’s more of a journey than a destination. Therefore, it is important to find the right solutions partner to travel along that journey with you and provide the guidance needed to navigate the path ahead. We found such a partner in Fenergo

We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.